Steve,
When I look at the daily chart, NVDA looks like it's going to go lower. It crashed through several levels of support and it probably did some psychological damage as well.
When I look at the hourly chart, it shows NVDA as being oversold. The last hour of trading saw huge volume trying to come to the rescue. The price rose in the last hour of trading, but I don't think it rose high enough to short circuit a further dip.
stockcharts.com[h,a]eaclyiay[pb50!b200!b10!f][vc60][iut!Lh14,3!La5,17,9]&pref=G
I'd watch the first couple of hours of trading on Monday. Watch the volume and how it relates to the price. If the price is rising, be sure the volume is above average on the hourly chart. If it is, you may see a near term reversal.
More than likely though, NVDA will appear to reverse, bringing in more buyers so those that couldn't pull the trigger yesterday, will have an opportunity to pull it later this week.
The chart indicates the possibility of NVDA falling to at least 10.25, or there abouts before any serious attempt of a reversal will come into play. If I'm wrong on this scenario, the volume will be your first indicator. Watch it closely.
dabum |
